AVAX One CEO says $35.1M quarterly loss masks growth in its staking and treasury business

AVAX One interim CEO Pete Wylie has said $33 million in non-cash charges accounted for most of the company’s $35.1 million second-quarter loss as staking helped revenue rise to $2.8 million. Summary AVAX One’s adjusted net loss was $2.2 million after excluding $33 million in non-cash charges. Staking generated $2.1 million as quarterly revenue rose from approximately $500,000 to $2.8 million. The company held 14.09 million AVAX and equivalents, with roughly 95% actively staked. Wylie said AVAX One favors established yield partners and maintains a conservative approach to debt. AVAX One interim CEO Pete Wylie told crypto.news that the reported loss did not capture the operating performance of the company’s staking, mining and digital infrastructure businesses. “The $35.1 million number can be attention-grabbing, but it does not tell the full story,” Wylie said. “It includes about $33 million of what are called non-cash charges, most of that being an unrealized markdown based on current prices for the AVAX we continue to hold and accumulate.” After removing the non-cash items, AVAX One reported an adjusted net loss of $2.2 million for the quarter. Wylie said the adjusted figure provi...